About Married Puts
The married put strategy is one in which a trader or investor purchases underlying shares and simultaneously purchases an equivalent number of put options. The cost of the shares and the long puts are the net debit as capital is required for both purchases. Max profit is unlimited in that the underlying stock could increase exponentially, though the break even is also increased to offset the put purchase. Risk is limited to net debit minus the strike price of the put. The married put strategy provides downside protection while still being able to participate in asset price appreciation.
You may add a filter on this page to show only a specific strike price. This allows you to drill down to inspect only the options you are interested in viewing.
When employing a Married Put strategy, for each 100 shares 'long', one corresponding put option is simultaneously purchased . As stock is owned, this is a bullish strategy and the put acts as insurance for any price correction that ensues prior to expiration. If the underlying should decrease in price, the put guarantees an exit price and provides a window of time at which to sell the shares. Alternatively, a stop loss can trigger during a sharp and sudden fluctuation in the stock price and subsequently force an early sale of stock. If the stock is below the strike price at expiration the investor can exercise the put and sell their shares, sell the put and maintain the long stock position or 'roll the put out' to another expiration.
Volatility and Greek Considerations
As premium is owned, any increase in volatility (vega) will also raise the price of the put option. Conversely, with the passage of time the option will erode in value (theta). The underlying stock and long put prices will move in opposite directions: as the stock rises the put will decrease in value. As the stock decreases, the put will increase in value. The change in the put's will not be one to one with the stock but will depend on the relationship between the put's strike and the stock price (delta).
The page starts updating for the new trading day at approximately 9:50a.m. ET. Options information is delayed approximately 25 to 30 minutes, and is updated approximately every 5-minutes through-out the trading day.
Note: Expired options are removed from the website Monday - Friday at 7:45pm ET.
The screener displays probability calculations based on the delayed stock price at the time the strategy is updated. The new day's options data will start populating the screener at approximately 8:55a CT. Strikes that have not traded today are excluded from the results.
P&L and BE Calculations
Break Even (Net Debit) = Stock Price + Put Ask Price. In order for the strategy to break even, the underlying must exceed the purchase price of the stock plus the premium paid for the put.
Max Profit = Unlimited, the long put acts as insurance to cap downside losses while allowing the investor to take part in any upside gains (beyond the break even).
Max Loss = Break Even (Net Debit) - Put Strike Price, max loss is incurred if the underlying falls beyond the net debit subtracted from the purchased strike
Max Loss % = Max Loss / Net Debit, the ratio of the potential loss to the purchase price of the strategy.
Above the table, we provide the following information:
- Expiration Date (DTE): The selected expiration date and days to expiration.
- Latest Earnings:The next reported earnings date, or the latest earnings date as reported by the company (if no future date has been released). Stocks whose Next Earnings Date falls within the next 28 days are highlighted in red. In addition, we indicate whether earnings are released Before Market Open (BMO), After Market Close (AMC), and in the case where no time is announced, you will see this labeled as (--).
- Implied Volatility: The average implied volatility (IV) of the nearest monthly options contract that is 30-days out or more. IV is a forward looking prediction of the likelihood of price change of the underlying asset, with a higher IV signifying that the market expects significant price movement, and a lower IV signifying the market expects the underlying asset price to remain within the current trading range.
- Historic Volatility: The average deviation from the average price over the last 30 days. Historical Volatility is a measurement of how fast the underlying security has been changing in price back in time.
- IV Rank: The current IV compared to the highest and lowest values over the past 1-year. If IV Rank is 100% this means the IV is at its highest level over the past 1-year, and can signify the market is overbought.
- Opinion: This is the Overall Average Barchart Opinion, which is the average of 13 popular indicators.
Views
The page contains the following fields:
- Price~ - the last price for the underlying symbol
- Expiration Date: the option expiration date.
- Strike - the strike price of the option
- Moneyness - the percent from the last price: (strike price - last / last). Moneyness refers to the relative position of the underlying asset's last price to the strike price. When a call option's Moneyness is negative, the underlying last price is less than the strike price; when positive, the underlying last price is greater than the strike price.
- Ask - the Ask Price of the option
- Net Debit (Break Even) = Stock Price + Put Ask Price, in order for the strategy to break even, the underlying must exceed the purchase price of the stock plus the premium paid for the put.
- Max Loss – The Net Debit subtracted by the put strike price
- Max Loss% – Max Risk divided by the Net Debit
- Volume - the total number of options traded in the current day for a contract.
- Open Interest - the total number of open option contracts in the market for a particular contract. The more popular the contract is with options traders, the greater the Open Interest. An opening transaction will increase the Open Interest, and a closing transaction will decrease it.
- IV - Implied Volatility is the estimated volatility of the option strike over the period of the option. Implied volatility is calculated using the Binomial model.
- Delta -Measures the sensitivity of an option's theoretical value to a change in the price of the underlying asset.
- In the Money (ITM) Probability – The probability of the underlying trading below the put’s strike price at expiration. In such a situation, the put can be exercised for sold.
- Out of the Money (OTM) Probability – The probability of the underlying trading above the strike price at expiration.
Data Updates
For pages showing Intraday views, we use the current session's data with new price data appear on the page as indicated by a "flash". Stocks: 15 minute delay (Cboe BZX data for U.S. equities is real-time), ET. Volume reflects consolidated markets. Futures and Forex: 10 or 15 minute delay, CT.
The list of symbols included on the page is updated every 10 minutes throughout the trading day. However, new stocks are not automatically added to or re-ranked on the page until the site performs its 10-minute update.
For reference, we include the date and timestamp of when the list was last updated at the top right of the page.
Page Sort
Pages are initially sorted in a specific order (depending on the data presented). You can re-sort the page by clicking on any of the column headings in the table.
Views
Most data tables can be analyzed using "Views." A View simply presents the symbols on the page with a different set of columns. Site members can also display the page using Custom Views.
Each View has a "Links" column on the far right to access a symbol's Quote Overview, Chart, Options Quotes (when available), Barchart Opinion, and Technical Analysis page. Standard Views found throughout the site include:
- Main View: Symbol, Name, Last Price, Change, Percent Change, High, Low, Volume, and Time of Last Trade.
- Technical View: Symbol, Name, Last Price, Today's Opinion, 20-Day Relative Strength, 20-Day Historic Volatility, 20-Day Average Volume, 52-Week High and 52-Week Low.
- Performance View: Symbol, Name, Last Price, Weighted Alpha, 5-Day Percent Change, 1-Month, 3-Month and 1-Year Percent Change, YTD Percent Change.
- Moving Averages View: Symbol, Name, Last Price, 20-Day Moving Average, % From 20-Day Moving Average, 50-Day Moving Average, % From 50-Day Moving Average, 100-Day Moving Average, % From 100-Day Moving Average, 200-Day Moving Average, % From 200-Day Moving Average.
- Fundamental View: Available only on equity pages, shows Symbol, Name, Market Cap, P/E Ratio (trailing 12 months). Earnings Per Share (trailing 12 months), Net Income, Beta, Annual Dividend, Dividend Yield, and Latest Earnings Date.
Note: For all markets except U.S. equities, fundamental data is not licensed for downloading. Your .csv file will show "N/L" for "not licensed" when downloading from a Canadian, UK, Australian, or European stocks page. - Mini-Chart View: Available for Barchart Plus and Premier Members, this view displays 12 small charts per page for the symbols shown in the data table. You may change the bar type and time frame for the Mini-Charts as you scroll through the page. The default settings for Mini-Charts are found in your Site Preferences, under "Overview Charts".
- Pre-Post Market Data: Available for Barchart Plus and Premier Members, this view will show any pre- or post-market price activity for U.S. equities only.
View Symbol More Data (+)
Unique to Barchart.com, data tables contain an option that allows you to see more data for the symbol without leaving the page. Click the "+" icon in the first column (on the left) to view more data for the selected symbol. Scroll through widgets of the different content available for the symbol. Click on any of the widgets to go to the full page. The "More Data" widgets are also available from the Links column of the right side of the data table.
Flipcharts
Also unique to Barchart, Flipcharts allow you to scroll through all the symbols on the table in a chart view. While viewing Flipcharts, you can apply a custom chart template, further customizing the way you can analyze the symbols.
Flipcharts are a free tool available to Site Members.
Download
Download is a free tool available to Site Members. This tool will download a .csv file for the View being displayed. For dynamically-generated tables (such as a Stock or ETF Screener) where you see more than 1000 rows of data, the download will be limited to only the first 5000 records on the table. For other static pages (such as the Russell 3000 Components list) all rows will be downloaded.
Free members are limited to 1 site download per day. Barchart Plus Members have 10 downloads per day, while Barchart Premier Members may download up to 250 .csv files per day.
Note: Due to licensing restrictions, Canadian fundamental data cannot be downloaded from Barchart.com. You will see "N/L" in a downloaded column when this is the case. Fundamental data for US equities is also limited to 15 fields per download request.
Should you require more than 250 downloads per day, please contact Barchart Sales at 866-333-7587 or email solutions@barchart.com for more information or additional options about historical market data.
